Yesterday, the Herald ran a prominent article which stated, "If you believe the economists, the world is about to go into a global recession. We won’t escape. Usually, when the world sneezes, we get pneumonia".
This falsehood is crucial to Labour's re-election prospects - namely, selling the "narrative" that NZ's problems are not of our own government's doing, but have been imported from abroad. The line from the Prime Minister ever since he took the job is that we are only probably going to have a recession this year because everyone else is going to have one. There is a Comms and Media strategy to put such an idea in voters minds.
So what do the economists at the IMF say about the world economy, as of April 2023?
"We expect global output growth to fall from 3.4% last year to 2.8% in 2023, before rising to 3% in 2024, mostly unchanged from our January projections".
Maybe the Herald should refrain from printing nonsense about global recessions, when the IMF projects the world economy will grow at 2.8% this year.
It's looking more like NZ will be one of the few economies in the world to fall into recession in 2023. Why? Since Chris Hipkins not only eliminated the virus (over the short-term), he also eliminated NZ's long-term prosperity.